The NFT train has left the station. Or so you could be forgiven for thinking. The massive excitement of the last three months around non-fungible tokens is settling into a more substantive operating reality. The initial surge of interest is starting to wobble, looking for long-term footing.
Google search volume on NFTs, once matching the 2017 level of interest in the initial coin offering boom, is down about 40%. Either people just know what NFTs are and are no longer learning about it for the first time, or the novelty is fading. According to The Block and Crypto Art data, monthly Ethereum NFT platform volumes have gone from $200 million to $100 million. If you include NBA TopShot on Flow, that adds another $25 million to $50 million in weekly volume, down from a $150 million weekly peak. The number of transactions and engaged users is staying roughly steady – 400,000 monthly average users on NBA TopShot and several thousand around the rest of Web3. But the initial moment of discovery seems to be behind us.
Source: coindesk